Undernews is the online report of the Progressive Review, edited by Sam Smith, who has covered Washington under nine presidents and edited alternative journals since 1964. The Review is an online journal and archive of alternative news. It has been on the web since 1995. See main page for full contents

Wednesday, July 23, 2008

ONE DAY OF ECONOMIC NEWS

Compiled by Kevin Zeese

Wachovia loses $8.86 billion, slashes jobs7-22-2008 • Reuters Wachovia Corp, the fourth-largest U.S. bank, on Tuesday posted an $8.86 billion second-quarter loss, slashed its dividend and announced the elimination of more than 10,700 jobs after losses tied to mortgages soared. Make a Comment

GM, Ford 'On the Verge of Bankruptcy'7-22-2008 • Bloomberg General Motors Corp. and Ford Motor Co., the two biggest U.S. automakers, have about a 46 percent chance of default within five years, according to Edward Altman, a finance professor at New York University's Stern School of Business. Make a Comment

How safe is your bank?07-22-2008 • St. Petersburg Times Does the FDIC insure safe deposit boxes if a bank fails? - No. In the event of a bank failure, the FDIC usually arranges for an acquiring bank to take over the failed bank's offices, including locations with safe deposit boxes. Make a Comment

Debt Rattle, July 19 2008: Less corn and more hell07-22-2008 • theautomaticearth.blogspot.com The British government faces new mayhem on a daily basis, and there’s no stopping it anymore. It will therefore have to be absorbed. And that will mean a return to mass unemployment and subsequent new found poverty.

Your editor has been a
musician for many decades. He started the first band his Quaker
school ever had and played drums with bands up until 1980 when
he switched to stride piano. He had his own band until the mid-1990s
and has played with the New Sunshine Jazz Band, Hill City Jazz
Band, Not So Modern Jazz Band and the Phoenix Jazz Band.

APEX BLUESSam
playing with the Phoenix Jazz Band at the Central Ohio Jazz festival
in 1990. Joining the band is George James on sax. James, then
84, had been a member of the Louis Armstrong and Fats Waller
orchestras and hadappeared on some 60 records.More
notes on James